MENA Market Report - 29 April

Transcription

1. MENA Morning Report Sunday , April 29, 2018 Overview Regional Markets: MENA region ended the last trading session on a positive note as it took cues from the global markets and easing geo-political concerns. However, the performance during the week was negative across the regional markets with the exception of Egypt. Going forward, investors will continue to closely watch out for the first quarter earnings coupled with improvement in the global geo-political environment. For the day, Egypt was the best performer with gains of 1.3% during the session, extending the weekly gains to 3.3% and monthly to 5.2%. Egypt continues to benefit from foreign funds inflow as the economy is showing signs of recovery and more importantly the inflationary pressure has reduced significantly over the past two to three quarters. UAE markets ended on a positive note as Dubai and Abu Dhabi were both up by 0.5% and 0.6% respectively for the day. However, both of the indexes ended the week on the losing side as Dubai was down by 1.3% and Abu Dhabi by 0.2%. Within the UAE, Abu Dhabi seems to be the most preferred as Dubai has remained under pressure during the past two months. Saudi Arabia closed on a positive note as it was up by 0.2% for the day, but the performance during the week was negative with losses of 0.3%. Qatar closed lower as it was down by 0.2% for the day, extending the weekly losses to 1.2%. Bahrain and Oman were down by 0.5% and 0.4% respectively, while Kuwait was flat for the day. Bahrain was the worst performer within the region as it lost close to 3.0% during the week. International Markets: US markets closed on a subdued note as S&P and Nasdaq were marginally up by 0.1% and 0.02% respectively, while DJIA was down by 0.05% for the day. European markets closed on a positive note as FTSE, CAC and DAX were all up by 1.1%, 0.5% and 0.6% respectively for the day. Asian markets closed on a positive note as Nikkei, Hang Seng and Shanghai were all up by 0.7%, 0.9% and 0.2% respectively. Headlines (WW) US economy slows in Q1 as consumer spending brakes sharply (SA) Analysts predict increased growth in Saudi Arabia's economy this year (WW) US first reading on first-quarter GDP up 2.3%, vs 2.0% growth expected (SA) Saudi Arabia, Russia and China give EU trade reforms (WW) China's April manufacturing growth seen ebbing slightly, trade war a risk (SA) Pace of Saudi Arabia’s private sector sell-off accelerates (WW) UK growth slows to five-year low in Q1 (AE) Abu Dhabi non-oil trade in January reaches AED 12.4bn (WW) BOJ removes timeframe for price goal, keeps policy steady (AE) Dubai sees 2% jump in visitors during first quarter (WW) Japan's March factory output beats expectations, inventories build up (EG) Egypt to get USD 2bn tranche from IMF next June, July (WW) French growth slowdown tests ECB optimism (EG) Egypt non-oil exports increase 15% in the Q1 of 2018, trade volume grows (WW) Germany eyes stricter rules for foreign takeovers amid China worries (EG) Egypt could become Europe’s next big energy hub (CMD) Oil prices inch down but supported by Iran concerns (QA) Growth of food industry in Qatar rose more than 300% (CMD) Gold gains but remains vulnerable after Korean leaders meet (QA) Qatar to witness steady growth in construction sector (FX) Dollar on track for best week since 2016 despite slowing growth (KW) Kuwait spends KWD 1.02bn on domestic workers annually (FX) Sterling slumps after GDP data dashes rate hike expectations (KW) Kuwait to spend USD 3.04bn on new residential projects (FI) Bond yields drop after ECB, ahead of Polish auctions (Source: Thomson Reuters, Bloomberg) MENA Markets Index Last DoD (%) WTD (%) MTD (%) YTD (%) ST Trend * MT Trend * LT Trend * Dubai (DFMGI) 3,042.82 0.5% -1.3% -2.1% -9.7% ˅ ˅ ˅ Abu Dhabi (ADSMI) 4,697.23 0.6% -0.2% 2.4% 6.8% ˄ ˄ ˄ Saudi (SASEIDX) 8,248.47 0.2% -0.3% 4.8% 14.1% ˄ ˄ ˄ Kuwait (KWSE) 4,788.55 0.0% -1.1% -4.3% -0.6% ˄ ˄ ˄ Egypt (EGX30) 18,363.29 1.3% 3.3% 5.2% 22.3% ˄ ˄ ˄ Qatar (DSM) 9,088.01 -0.2% -1.2% 6.0% 6.6% ˄ ˄ ˄ Bahrain (BHSEIDX) 1,263.08 -0.5% -2.9% -4.2% -5.2% ˅ ˅ ˄ Oman (MSM30) 4,722.46 -0.4% -0.8% -1.1% -7.4% ˅ ˅ ˅ MENA Market Statistics Volume (mln) 3M Avg. Volume (mln) 6M Avg. Volume (mln) Value (USD mln) 3M Avg. Value (USD mln) 6M Avg. Value (USD mln) Market Cap (USD mln) Dubai (DFMGI) 143 164 207 52 70 91 81,797 Abu Dhabi (ADSMI) 152 68 72 55 36 37 1,36,344 Saudi (SASEIDX) 205 184 190 1,268 1,111 1,039 5,19,777 Kuwait (KWSE) 40 61 74 10 197 126 75,578 Egypt (EGX30) 527 367 343 211 114 99 31,862 Qatar (DSM) 8 11 11 54 80 83 1,07,449 Bahrain (BHSEIDX) 5 6 5 2 3 3 21,005 Oman (MSM30) 9 21 18 3 13 12 13,242 Index * ST trend based on a 5x25 day SMA crossover; MT trend based on a 25x100 day SMA crossover; LT trend based on a 50x200 day SMA crossover Data & News Source: Thomson Reuters 1
2. MENA Morning Report Sunday , April 29, 2018 Valuation and Performance Comparisons 5-Year CDS(DoD change) Price Ratios 13.0 11.2 12 8 PE (+ve.eps) 15.3 16 12.2 PB 8.1 1.3 2.7 1.8 148.7 109.8 1.2 - - 0.8 0.8 Bahrain Oman - 87.5 87.3 62.3 1.4 0 290.2 254.9 300 1.0 Current 11.2 7.5 4 Previous 600 0 Dubai Abu Dhabi Saudi Kuwait Egypt Qatar Dubai Average Abu Dhabi Saudi 5.6% 5.9% 5.1% 6.0% 4.8% 4.2% 3.7% 4% 2.5% 2% 0.0% 0% Dubai Abu Dhabi Saudi Kuwait Egypt Egypt Qatar Bahrain Oman Average -5.2% -7.4% Bahrain Oman Year to Date Perfomance DividendYield 8% 6% Kuwait Qatar Bahrain Oman Average 24% 21% 18% 15% 12% 9% 6% 3% 0% -3% -6% -9% -12% 22.3% 14.1% 6.8% 6.6% -0.6% -9.7% Dubai Abu Dhabi Saudi Kuwait Egypt Data & Charts Source: Thomson Reuters; Table includes Bloomberg estimates and data for UAE, KSA, QA, KW and EG where available Qatar 2
3. MENA Morning Report Sunday , April 29, 2018 Top Performers by Country (* indicates native currency; Latest data) Close * DoD % Volume ('000) Value (AED ‘000) DUBAI INVESTMENTS PJSC 1.93 -5.85% 0 15,950 AMANAT HOLDINGS PJSC 1.36 -1.45% 0 107 6,595 DUBAI REFRESHMENTS PJSC 11.50 -1.29% 139 1,614 32,335 12,610 AJMAN BANK PJSC 0.98 -1.01% 398 392 6,028 2,360 GULF NAVIGATION HOLDING PJSC 1.05 -0.94% 11,648 12,288 DoD % Volume ('000) Value (AED ‘000) Top Losers Close * DoD % Volume ('000) Value (AED ‘000) 1.00 14.94% 1,13,753 1,06,359 AXA GREEN CRESCENT INSURANCE CO 0.72 -10.00% 2 2 ESHRAQ PROPERTIES COMPANY PJSC 0.73 4.29% 5,735 4,100 NATIONAL BANK OF UMM AL QAIWAI 2.67 -9.49% 103 290 ABU DHABI SHIP BUILDING PJSC 2.11 2.93% 10 21 SHARJAH CEMENT AND INDUSTRIAL 1.10 -7.56% 23 26 SUDATEL TELECOM GROUP LTD 0.51 2.00% 371 187 ARKAN BUILDING MATERIALS CO PJSC 0.59 -3.28% 435 261 MANAZEL REAL ESTATE PJSC 0.55 1.85% 1,634 891 ABU DHABI NATIONAL ENERGY CO 1.35 -2.88% 4,701 6,440 Close * DoD % Volume ('000) Value (SAR ‘000) Top Losers Close * DoD % Volume ('000) Value (SAR ‘000) ASH SHARQIYAH DEVELOPMENT CO 57.90 9.87% 1,205 66,622 WALAA COOPERATIVE INSURANCE CO 31.30 -6.29% 3,419 1,10,602 METLIFE AMERICAN INTERNATIONAL 26.70 6.37% 508 13,162 SAUDI INTERNATIONAL PETROCHEM 23.02 -5.11% 4,766 1,12,680 TALEEM REIT FUND 11.00 6.18% 1,109 11,847 ABDULLAH AL OTHAIM MARKETS CO 84.80 -3.64% 302 26,086 JABAL OMAR DEVELOPMENT CO SJSC 47.00 3.52% 1,508 69,685 ZAMIL INDUSTRIAL INVESTMENT CO 25.20 -3.45% 553 14,186 MAKKAH CONSTRUCTION AND DEV 78.20 3.30% 842 64,783 SAUDI RESEARCH AND MARKETING 116.00 -3.01% 1,027 1,21,011 Close (fils) * DoD % Volume ('000) Value (KWD 000) Close (fils) * DoD % Volume ('000) Value (KWD 000) ENERGY HOUSE HOLDING COMPANY 26.70 9.88% 0 0 WARBA INSURANCE COMPANY KSCP 72.00 -11.11% 100 8 CREDIT RATING AND COLLECTION CO 21.60 8.00% 3 0 AL MASSALEH REAL ESTATE CO KSCP 28.40 -9.84% 0 0 38.00 -9.52% 3 0 Close * DoD % Volume ('000) Value (AED ‘000) SHUAA CAPITAL PSC 1.05 9.60% 0 8,129 DUBAI ISLAMIC INSURANCE & REINS 0.70 6.08% 0 431 ARABTEC HOLDING PJSC 2.10 3.96% 3,201 DXB ENTERTAINMENTS PJSC 0.40 3.66% ISLAMIC ARAB INSURANCE CO PSC 0.40 3.38% Close * DANA GAS PJSC Dubai Top Gainers Abu Dhabi Top Gainers Saudi Arabia Top Gainers Kuwait Top Gainers GULF INSURANCE GROUP KSCP 668.00 7.57% 1 1 GULF INVESTMENT HOUSE KSCP 17.60 7.32% 301 5 BURGAN FOR WELL DRILLING TRADE 80.00 -8.05% 2 0 AL SALAM GROUP HOLDING CO KSCP 36.30 6.76% 2,478 87 AL DEERA HOLDING CO KPSC 20.50 -6.82% 42 1 Close * DoD % Volume ('000) Value (EGP ‘000) Top Losers Close * DoD % Volume ('000) Value (EGP ‘000) 73.78 9.06% 0 10,911 KAFR EL ZAYAT PESTICIDES AND CHEM 31.88 -6.51% 11 372 EL NASR FOR MANUFACTURING AGRI 22.09 7.97% 109 2,329 UNIVERSAL CO FOR PACKAGING MAT 6.10 -4.54% 71 440 EL SEWEDY ELECTRIC CO SAE 251.45 6.99% 1,109 2,69,663 MISR NATIONAL STEEL SAE 45.08 -3.92% 24 1,085 ABU DHABI ISLAMIC BANK EGYPT SAE 18.25 6.17% 1,263 22,384 MOHANDES INSURANCE CO SAE 11.02 -3.67% 111 1,247 MARIDIVE AND OIL SERVICES SAE 0.55 5.77% 3,682 1,970 GLOBAL TELECOM HOLDING SAE 5.29 -3.47% 13,281 71,517 Close * DoD % Volume ('000) Value (QAR ‘000) Close * DoD % Volume ('000) Value (QAR ‘000) QATAR NAVIGATION QPSC 60.45 6.07% 89 5,200 AL KHALEEJ TAKAFUL GROUP QPSC 11.50 -4.17% 69 811 QATAR ISLAMIC INSURANCE CO QPSC 52.90 3.73% 8 432 OOREDOO QSC 79.55 -3.28% 219 17,726 DOHA INSURANCE CO QSC 12.98 3.43% 4 51 QATARI GERMAN COMPANY FOR MED 5.61 -2.94% 14 80 QATARI INVESTORS GROUP QSC 34.61 2.40% 310 10,607 QATAR INDUSTRIAL MANUFACTURING 39.00 -2.01% 7 291 GULF WAREHOUSING CO QPSC 42.66 2.38% 81 3,410 VODAFONE QATAR QSC 9.30 -2.00% 707 6,643 OCTOBER PHARMA FOR PHARMA Egypt Top Losers SALBOOKH TRADING CO KSCP Top Gainers Top Gainers Qatar Top Losers Data & Charts Source: Thomson Reuters Top Losers 3
4. MENA Morning Report Sunday , April 29, 2018 Top 30 MENA Stocks by Market Capitalization (* indicates native currency; Latest data) Country Market Cap (USD mln) Close * DoD % YTD % Volume ('000) Value (USD ‘000) 52w High * 52w Low * P/E P/B Div. Yield (T12M) 1 Saudi Basic Industries Corporation SJSC SA 94,877 118.60 -2.1% 16.5% 5,264 1,66,488 123.80 94.25 19 2.2 3.5% 2 Saudi Telecom Company SJSC SA 44,159 82.80 -0.7% 20.7% 283 6,252 86.00 65.10 16 2.6 4.8% 3 Emirates Telecommunications Group Co AE 41,083 17.35 0.6% -0.9% 977 4,614 18.85 15.75 17 3.5 4.6% 4 Qatar National Bank QPSC QA 38,093 150.12 -0.9% 19.1% 64 2,637 159.00 115.01 10 1.9 4.0% 5 First Abu Dhabi Bank PJSC AE 37,089 12.50 0.4% 22.0% 2,279 7,756 12.65 10.05 14 1.3 5.6% 6 Al Rajhi Banking & Investment Corp Ltd SA 36,312 83.80 0.6% 29.7% 2,291 51,190 85.60 61.00 15 2.4 4.8% 7 National Commercial Bank SJSC SA 35,892 67.30 0.4% 22.1% 416 7,461 68.60 38.00 14 2.1 2.5% 8 Saudi Electricity Company SJSC SA 25,332 22.80 1.0% 8.3% 1,705 10,364 26.05 19.76 14 1.3 3.1% 9 DP World Ltd AE 18,111 21.82 0.8% -12.7% 323 1,920 27.06 20.39 15 1.7 1.9% 10 Industries Qatar QSC QA 17,951 108.00 -0.1% 11.3% 90 2,679 115.00 85.00 20 1.9 4.6% 11 Saudi Arabian Mining Co SJSC SA 17,386 55.80 -0.2% 7.1% 221 3,291 58.70 39.50 91 2.5 0.0% 12 Emirates NBD Bank PJSC AE 16,343 10.80 -0.9% 31.7% 279 819 11.00 7.95 7 1.0 3.7% 13 Almarai Co SJSC SA 15,813 59.30 2.4% 10.2% 460 7,270 78.64 50.00 28 4.0 1.3% 14 National Bank of Kuwait SAKP KW 15,451 748.00 0.1% 7.9% 2,582 6,433 761.90 619.05 14 1.5 3.6% 15 Samba Financial Group SJSC SA 15,360 28.80 1.1% 22.4% 1,129 8,671 29.60 20.50 11 1.3 5.2% 16 Emirates Islamic Bank PJSC AE 14,046 9.50 0.0% -3.1% 1 1 10.00 4.90 75 7.9 0.0% 17 Saudi British Bank SJSC SA 12,860 32.15 -0.5% 19.1% 162 1,388 33.50 21.55 12 1.4 4.4% 18 Riyad Bank SJSC SA 12,032 15.04 0.4% 19.6% 801 3,212 15.36 10.10 11 1.2 4.9% 19 Jabal Omar Development Co SJSC SA 11,648 47.00 3.5% -20.5% 1,508 18,904 75.60 45.00 - 4.6 0.0% 20 Emaar Properties PJSC AE 10,858 5.57 3.0% -14.8% 6,043 9,165 8.43 5.40 7 0.8 0.0% 21 Kuwait Finance House KSCP KW 10,816 513.00 -0.2% -2.0% 1,636 2,796 590.91 424.55 17 1.7 2.7% 22 Banque Saudi Fransi SJSC SA 10,607 33.00 1.1% 15.8% 229 2,015 33.40 25.30 11 1.2 4.2% 23 Yanbu National Petrochemicals Co SJSC SA 10,575 70.50 1.0% 19.5% 219 4,108 74.50 52.00 17 2.3 4.6% 24 Abu Dhabi Commercial Bank PJSC AE 10,049 7.10 0.0% 4.4% 2,674 5,169 7.50 6.50 9 1.1 5.9% 25 Kingdom Holding Co SA 8,904 9.01 -0.2% 0.0% 264 634 11.30 7.90 50 1.1 0.0% 26 Arab National Bank SA 8,506 31.90 2.4% 28.8% 99 842 33.65 19.15 11 1.3 3.8% 27 Alinma Bank SJSC SA 8,328 20.82 -0.3% 8.7% 26,128 1,45,060 21.58 14.00 15 1.5 3.8% 28 Abu Dhabi National Oil Co for Dist AE 8,304 2.44 0.0% -7.9% 54 36 2.90 2.42 17 10.7 2.4% 29 Ezdan Holding Group QSC QA 8,111 11.13 -1.5% -7.9% 30 91 16.30 6.19 17 1.0 0.0% 30 Emaar Malls PJSC AE 7,831 2.21 0.9% 3.8% 5,751 3,460 2.66 2.00 14 1.8 4.5% Company Name Total M-Cap; W. Avg Yield 6,22,725 3.5% Data Source: Thomson Reuters Disclaimer: This report is prepared by Al Masah Capital Limited (“AMCL”). AMCL is a company incorporated in the Cayman Islands as an Exempt Company established under the laws of the Cayman Monetary Authority. The information contained in this report does not constitute any offer to sell securities or the solicitation of any offer to buy, or recommendation for investment in, any securities in any jurisdiction. The information in this report is not intended as financial advice and is only intended to be used by experienced investment persons with appropriate investment knowledge and ones that AMCL is satisfied meet the regulatory criteria to be classified as a ‘Professional Client’ as defined under the Rules & Regulations of the appropriate financial authority, and as such should not be relied upon by or distributed to “Retail Clients”. 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